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| Exchange Disseminated Time 06/06/2016 17:08:52 | Xchanging Solutions Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 06, 2016, and took the following decisions:
1. Mr. Srinivasa Raghavan Venkatavaradhan is appointed as Non-Executive Director (Additional Director) w.e.f. June 06, 2016;
2. The Board of Directors have considered and approved the addendum to the Notice of Annual General Meeting for regularizing the appointment of Mr. Srinivasa Raghavan Venkatavaradhan as a Non-Executive Director from an Additional Director;
3. The Board of Directors have noted and placed on record the due diligence report dated June 06, 2016 received from the Merchant Banker (Karvy Investor Services Limited) in compliance with regulations 8(1D) and 8(1E) read with Regulation 8(1A)(ii) of the Delisting Regulations;
4. In terms of Regulation 8(1B) and 8(1C) read with Regulations 8(i)(a)-(c) of the Delisting Regulations, the Board of Directors have considered, approved and recommended the proposal for delisting of equity shares, to the shareholders of the Company and decided to undertake and proceed with the procedure for delisting of equity shares in accordance with the Delisting Regulations which includes obtaining the approval of shareholders of the Company by way of special resolution (through postal ballot) and obtaining in-principal approval from the Stock Exchanges.
5. The Board of Directors noted and took on record the letter dated June 01, 2016 (along with a certificate issued by a chartered accountant dated May 25, 2016) received by the Company on June 02, 2016 from CSC Technologies India Private Limited stating the floor price for the delisting of the Company's equity shares, determined in accordance with Regulation 15(2) of the Delisting Regulations read with Regulation 8 of the Takeover Regulations, to be INR 39.23 (Indian Rupees Thirty Nine and Twenty Three Paise only).
The meeting of the Board commenced at 3:30 PM (IST) and concluded at 5:00 PM (IST). |
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